LNGCheniere Energy, Inc.

Natural Gas Distribution

Revenue: $19.5B; 26% YoY
Operating margin: 46.8%; 18% YoY
EBITDA: $10.4B; 42% YoY
Market cap: $82.5B
Employees: 1,717; $11M revenue each
Net debt / EBITDA: 2.2×; $22.5B net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$23M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
82% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
57% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$11M · 91st pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$82.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$28M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$17.5B	$33.3B	$19.8B	$15.4B	$19.5B	26%
Operating income	−$701M	$4.6B	$15.5B	$6.1B	$9.1B	49%
Net income	−$1.6B	$2.6B	$12.1B	$4.5B	$6.8B	51%
Operating cash flow	$2.5B	$10.5B	$8.4B	$5.4B	$5.5B	2.7%
Capex	$966M	$1.8B	$2.1B	$2.2B	$3.1B	38%
Stock-based comp	$140M	$205M	$250M	$215M	$161M	25%
Buybacks	$9M	$1.4B	$1.5B	$2.3B	$2.7B	20%
Dividends	$85M	$349M	$393M	$412M	$451M	9.5%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 8, 2022	ICAHN CARL C	SC 13D/A	4.8%	Passive
Mar 1, 2022	ICAHN CARL C	SC 13D/A	5.8%	Passive
Dec 11, 2020	ICAHN CARL C	SC 13D/A	7.2%	Passive
Nov 15, 2019	ICAHN CARL C	SC 13D/A	6.2%	Passive
May 15, 2019	ICAHN CARL C	SC 13D/A	6.7%	Passive

Insider trading

Open-market buys, 12 mo: $1M · 2
Open-market sells, 12 mo: $29M · 7
Net: −$28M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$26M	$25M	338	285
FY2024	$24M	$62M	370	273
FY2023	$22M	$50M	291	236
FY2022	$23M	$77M	253	215
FY2021	$18M	$65M	169	145